In the fast-evolving world of banking, financial institutions are constantly innovating to meet the needs of their customers, especially in a world where digital solutions are rapidly becoming the norm.
One such breakthrough comes from Equity Bank Uganda, which has just unveiled a suite of digital savings products designed to revolutionize the way Ugandans save money.
Dubbed “Kaboxi,” the campaign name is a nod to the traditional wooden savings box, often referred to as a piggy bank, which many Ugandans still use for saving cash at home.
This nostalgic symbol of savings has been reimagined through modern technology, as the new digital offerings aim to tackle the vulnerabilities of the old system—chiefly, the risks of theft and physical damage.
Despite significant advancements in mobile and digital banking across the region, the 2023 FinScope Uganda survey reveals that 60 percent of Ugandans continue to save, with nearly 44 percent relying on informal methods such as keeping cash at home. This highlights a growing challenge—how to provide secure, convenient, and profitable savings solutions that can encourage a shift from informal to formal financial systems.
Speaking at the product launch, Equity Bank Uganda’s Managing Director, Anthony Kituuka, stressed the need for innovative banking products that meet the financial needs of a rapidly digitalizing society.
“As a bank committed to championing digital transformation, we are dedicated to introducing innovative digital banking products that simplify financial transactions and empower our customers to achieve their financial goals,” Kituuka remarked.
The suite of products, which includes Goal Savings, Call Deposit, Classic Savings, and Fixed Deposit Savings, offers tailored solutions for different financial goals. Whether it’s short-term needs or long-term planning, Equity Bank customers now have access to competitive interest rates and, more importantly, a secure platform to manage their money.
Nelson Bamwiine, Senior Manager of Client Solutions at Equity Bank, emphasized the importance of customer-centric innovations.
“Our past innovative solutions such as Equity Online, EazzyBiz, and Eazzy Stock have already simplified banking for our customers. The new product takes it a step further by integrating convenience, security, and flexibility, ensuring our customers are empowered financially,” Bamwiine explained.
Equity’s latest move signals a broader push toward financial inclusion in Uganda. By offering accessible digital savings options with no hidden charges and easy-to-use platforms, Equity Bank is creating opportunities for savers to manage their finances more effectively and protect their money.
With this bold step, Equity Bank is not only providing smart solutions for individuals to grow their wealth but also fostering a culture of digital savings—where every shilling saved is both safe and earning.
What you need to know about the new digital product
Classic Savings Account: Flexibility and Growth, the Classic Savings Account bridges the gap between a traditional savings account and a current account. Customers can save any amount they wish and top up as frequently as they like, all while earning daily interest.
This product is ideal for those who need flexibility in funding their account without the pressure of fixed deposits. Minimum opening balance: UGX 50,000. Withdrawal limit: Once a week without penalty. Interest earned daily
Fixed Deposit Account: Commitment with Reward. For customers looking for more structured long-term savings, the Fixed Deposit Account offers higher interest rates based on the duration and amount saved. However, no partial withdrawals are allowed until the deposit reaches maturity. This product is tailored for those committed to growing their money over a set period, with a fixed interest return. Minimum opening balance: UGX 5,000,000. Term: 1 to 12 months and No charges on the account.
A Goal Account: Target Your Savings. A perfect fit for savers with specific financial goals, the Goal Account encourages customers to set targets for both short- and long-term savings. The account is accessible online, allowing customers to track their progress and adjust their contributions as needed. The best part? There’s no penalty for missing targets, making it a highly flexible option. Minimum opening balance: UGX 100,000. Withdrawal is allowed every six months. Interest earned daily.
Call Deposit Account: Flexibility with Instant Access, the Call Deposit Account combines the benefits of short-term savings with the freedom of partial withdrawal without penalties. This account is designed for customers who may need quick access to their funds while still earning interest. Minimum opening balance: UGX 1,000,000. Interest is based on the amount deposited. Partial withdrawals are allowed without adjusting interest.
According to Bamwiine, Equity Bank’s latest offerings reflect its commitment to financial inclusion, providing its customers with secure and customizable savings products that fit their financial needs. Whether aiming for a long-term goal or building a short-term safety net, these digital products are shaping the future of savings in Uganda.
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